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INDONESIA
Jurnal Management Risiko dan Keuangan
Published by Universitas Brawijaya
ISSN : 29640695     EISSN : 29640695     DOI : -
Core Subject : Science,
Decision Sciences, Operations Research & Management
Publish all forms of quantitative and qualitative research articles and other scientific studies related to the field of Risk Management and Finance.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Strategi dan Menejemen
Articles 10 Documents
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Search results for , issue "Vol. 4 No. 1 (2025)" : 10 Documents clear
Operational Risk Analysis Using an Enterprise Risk Management (ERM) Approach in Startup Companies Bratandari, RR. Adristi; Waluyowati, Nur Prima
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This research discusses the efforts made by startup companies to minimize failures by identifying and analyzing operational risks that might occur in their business processes. The research object is FitAcademy.id by Fitinline.com, a startup company located in Yogyakarta City. The company uses a microlearning-based learning platform. However, various discrepancies in its operations have made the company not run well. This research aims to determine and explain the sources of such operational risk, particularly the biggest obstacles or challenges for the startup company, so that in the future the business owner can make better decisions and control risks. Using the Enterprise Risk Management (ERM) approach, this research found nine incidents of operational risk. Based on the results of the risk assessment, the biggest risk is delays in microlearning video making caused by the external factor, i.e., the client. The results of the analysis on the risk matrix show three levels: high, moderate, and low. The recommended efforts focus on high-level operational risks, namely obstacles in the creation of microlearning products or videos caused by the external factors, and moderate-level operational risks such as delays in work completion, application running errors during explanations to clients, and obstacles in the microlearning video production process caused by internal factors, i.e., talent or facilities, since it greatly influences the performance of all divisions and the company's efficiency in gaining profits.
Green Innovation, Environmental Management Accounting, and Environmental Performance: Their Impact on Firm Value Azizah, Zelfi Nur; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The increasing issues of environmental condition has pressed the transition toward environmentally-friendly industry. Then, the demand in industry has caused the shift in the valuation for companies in their contribution to the environment as a form of advantages amid their effort of keeping their sustainability, and companies with the highest contribution to emission and pollution are no exception. Therefore, assessments on the effective environmental protection efforts that support firm value are required. The objective of this research is to identify the relationships between green innovation, Environmental Management Accounting (EMA), and firm value with the mediation of environmental performance. Using purposive sampling, 38 energy-sector companies listed on the Indonesia Stock Exchange from 2019 to 2022 were selected as the sample. The direct and indirect relationships between the construct variables were analyzed quantitatively by utilizing PLS-SEM in SmartPLS 4. The results indicate that green innovation and EMA have significant impacts on firm performance, that green innovation significantly affects the companies’ environmental performance, and that environmental performance does not mediate the influences of green innovation and EMA on firm value.
The Reaction of Capital Markets on the 2024 Presidential Election (An Event Study of Companies in the Infrastructure Sector and Building Construction Sub-Sector Listed on the Indonesia Stock Exchange) Prasintahayu, Elysa; Indrawati, Nur Khusniyah
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The objective of this research is to identify the reaction of capital markets on the 2024 presidential election event in the context of companies in the infrastructure sector and building construction sub-sector listed on the Indonesia Stock Exchange. Using purposive sampling technique, 17 companies listed on the Indonesia Stock Exchange and in the green zone according to Refinitiv were selected as the sample. The data was harvested from documentations, and the incorporated variables are abnormal return and trading volume activity. This study finds that there is no significant difference in the average abnormal stock return before and after the 2024 Indonesian presidential election and that (2) there is a significant difference in the average trading volume activity of shares before and after the 2024 Indonesian presidential election.
The Effects of The Application of Sipkd and Internal Control on The Quality of Regional Financial Statements Sulistianingrum, Zevanya; Champaca, Mychelia
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The objective of this quantitative descriptive research is to assess and analyze the effects of the application of SIPKD (Regional Financial Management Information System) and internal control on the quality of regional financial statements in the local government agencies of Sragen Regency. Using purposive sampling technique, 76 people from the population of Local Government Agency staff of Sragen Regency were selected as the respondents. The data was harvested from questionnaires and was analyzed using multiple linear regression in STATA version 17.0. The results of the analyses indicate that the application of SIPKD and internal control simultaneously have positive and significant impact on the quality of the regional financial statements of Sragen Regency’s local government agencies. Further, the application of SIPKD partially has no significant effect on the regional financial statements of Sragen Regency, while internal control partially has positive and significant impacts on the regional financial statements of Sragen Regency’s local government agencies.
Analysis Of Stock Prices, Stock Returns, And Stock Trading Volumes of Companies Before and After Merger & Acquisition Announcement Sihombing, Ruth Vrinida; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The aim of this research is to test and explain differences in stock prices, stock returns, and stock trading volume of companies listed on the Indonesia Stock Exchange in the year 2022. The population and sample in this research are listed companies that carry out mergers and acquisitions in the year 2022. This research uses the SPSS analysis tool by applying descriptive statistical tests, normality tests and difference tests. Normally distributed data will be processed using the Paired Sample T-Test. Meanwhile, data that has a non-normal distribution will be processed using the Wilcoxon Signed Rank Test. The results of this research state that there are no significant differences in stock prices, stock returns, and stock trading volume of companies listed on the Indonesia Stock Exchange in 2022. The implications of this research can provide a more holistic view regarding the impact of mergers and acquisitions on companies listed on the IDX, as well as contributing to literature studies in the context of the Indonesian capital market.
Analysis of Inventory Control of Raw Materials for Cotton Fabric Using the Economic Order Quantity Method Chairunnisa, Ananda; Surachman
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

PT Sansan Saudaratex Jaya Cibaligo still has not implemented a specific method for controlling the supply of fabric raw materials cotton, which causes excess inventory every month and makes the total inventory costs not well controlled. Inventory costs can be minimized by using the method Economic Order Quantity (EOQ). The EOQ method not only helps in determining the optimal order quantity, but also the optimal purchase frequency, safety stock, and the right time to place a reorder. The aim of this research is to determine and optimize raw material supplies at PT Sansan Saudaratex Jaya Cibaligo using the EOQ method. Data collection was carried out through interview and documentation techniques, while the data analysis method used was EOQ, which includes calculating purchase frequency, Total Inventory Cost (TIC), Safety Stock, And Re-Order Point. The results of data analysis using the EOQ method show lower total inventory costs compared to conventional methods, which in the end can significantly increase cost efficiency and overall company profits.
Sustainability and Profitability: Does ESG Disclosure Influence Firm Value? Evidence From Indonesia Zulianto, Angga; Aisjah, Siti
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Environmental Social Governance (ESG) has become one of the global discussion. Although global awareness of green investment has widely been accepted in developed countries, progresses are still expected in developing countries. In response to such lag in the latter group, this study was conducted to identify the effects of ESG disclosure as a non-financial measure and Return on Equity as a financial measure of firm value. Here, Legitimacy theory and Stakeholder theory were incorporated to understand the effects of the independent variables on the dependent variable. This quantitative study uses secondary data acquired from Bloomberg and the annual reports of 13 sample companies selected through purposive sampling. Multiple linear regression and classical assumption test were performed using SPSS 26. This study finds that ESG disclosure does not significantly influence firm value, which was proxied by Tobin’s Q. Further, the ROE-proxied profitability has positive and significant impacts on firm value, while ESG disclosure was not perceived by investors as a factor that can improve firm value. Additionally, profitability also reflects the companies’ satisfactory performance, attracting investors’ interest and boosting firm value.
The Effect of Profitability, Liquidity, and Capital Structure on Firm Value Wijaya, Andreanno Septian Eka; Andarwati
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This quantitative causal research departed from the decreasing value of food and beverage companies during the 2020-2023 period. The objective is to identify the effects of profitability, liquidity, and capital structure on firm value by studying food and beverage manufacturing companies listed on the Indonesia Stock Exchange. It employs secondary data acquired from 28 companies selected through saturation sampling technique. The data analysis was performed using multiple linear regression in SPSS for Windows version 30. This study finds that profitability has positive and significant effects on the firm value, while liquidity and capital structure negatively and significantly influence the firm value. In this model, profitability, liquidity, and capital structure can explain firm value.
The Influence of Intellectual Capital on Firm Value: The Mediating Role of Profitability Kesuma, Satrio Fajar; Ratnawati, Kusuma
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to analyze the effect of intellectual capital on firm value with profitability as a mediating variable. The focus is on both direct and indirect effects between these variables. The research method employed is explanatory research with a quantitative approach, using path analysis and Sobel test to examine the hypotheses. The sample consists of 100 observations selected through purposive sampling based on specific criteria during the period from 2019 to 2023. The analysis results indicate that intellectual capital has a significant direct effect on firm value. However, no direct effect was found between intellectual capital and profitability, nor between profitability and firm value. Therefore, profitability does not mediate the relationship between intellectual capital and firm value. These findings suggest that the role of intellectual capital in enhancing firm value is not dependent on profitability performance but can have a direct impact through other strategic elements embedded in intellectual assets
Maintenance System Analysis Using the Total Productive Maintenance (TPM) Method Ananta, Yusril; Pradana, Bayu Ilham
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to analyze how the mill station of PG Krebet Baru Unit of PT PG Rajawali I conduct its maintenance system, assess its effectiveness, and provide the station with suggestions concerning the maintenance of its machinery and production equipment based on the Total Productive Maintenance (TPM) method. The plant’s history data show that its production process was frequently hampered by down time caused by machinery malfunctions, planned maintenance, and raw material issues. During the 2024 production season, the machinery operated nonstop in a fairly high intensity. The data of this quantitative descriptive study was harvested through observations, interviews, and literature or document studies. They were processed using the Overall Equipment Effectiveness (OEE), Six Big Losses analysis, and Fishbone Diagram. The results indicate that the maintenance was carried out through three approaches: preventive, breakdown, and predictive. The effectiveness measurement resulted in 98,53% for OEE, 99.17% for availability, 99.97% for performance efficiency, and 99.38% for rate of quality. The Six Big Losses analysis discovered that the biggest losses is in reduced speed losses by 6.9%. Based on the results above, the company is suggested to improve its maintenance program by focusing on preventive measures, to pay more attention to machinery operation performance control, and to optimize supply management and quality raw material availability.

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